Organic Spice Market Comprehensive Analysis & Global Forecast to 2024

Organic spice market has been registering an ever-expanding demand lately, as the world wakes up to the realization that organic farming can generate health, socioeconomic and environmental benefits that are largely missing in conventional farming. Overdependence on agrochemicals and intensive farming is expected to negatively impact the planet’s environment, especially as global population is anticipated to surpass 10 billion by 2050. Though the debate of whether organic farming will be enough to feed such an expanding population is still raging across the world, there is no doubt that it is one of the most economical means of creating a sustainable future for the planet.Consequently, owing to the shift in consumer preference for naturally grown foods, organic spice industry has registered significant demand. As per Global market Insights, Inc., organic spice market size, which was valued at $20 billion in 2017, is anticipated to witness a 7.5% CAGR over 2018-2024.

Global Organic Spice Market size is estimated to exceed USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc.

Various oriental cultures like India, China and Vietnam had been using a range of spices in their cuisine for a long time. In the past these spices were valued as highly as precious metals and stones. In the present global scenario however, these countries are still the major exporters and providers of spices for a major portion of the planet. For instance, India is the largest producer, exporter and consumer in the organic spices industry with exports amounting to 263,000 tons during 2015-16 which was valued at $298 million. EU, USA, Canada, Australia, Germany, New Zealand, South Africa and the Netherlands are some of the most noted importers for organic spices from India.

The Indian government and Spices Board has been encouraging cultivators and implementing programs to optimize the cultivation of organic spices like ginger, turmeric, seed and herbal spices. Northeast India has presented a highly commendable case here, as farming across this region is organic by default with effective maintenance of the natural biodiversity. Organic certified farmers are now being encouraged and helped to participate and showcase their products in Biofach Germany and America.

Rising awareness about the benefits of consuming organic foods is also adding a significant stimulus to the organic spices market. Organic foods need more time and labor-intensive procedures to be cultivated. Also, farmers have to pay more for government certification and adopting environmentally safe farming methods in contrast to conventional farming methods that come at deceptively low prices and are often supported by the government to produce environmentally unsustainable amount of foods. Naturally, organic food and spices cost more as consumers have to pay more to keep pesticides and other harmful chemicals out of foods. In spite of high prices, research has demonstrated that consumers are willing to pay more for organic foods owing to the health, sustainability, and moral satisfaction factors. Preference for organic food has also been linked to higher income. More disposable income has directly been associated with more willingness to invest in healthier diet options and consequently augmented organic spice industry trends.

But consumers are not only willing to pay more for healthier food options just because they can afford the same. Organic spices market is primarily gaining traction due to the health benefits spices like turmeric, cardamom and garlic provide. This trend is gaining popularity as healthcare is becoming extremely expensive and with the idea of using health food as medicine gathering dynamic acceptance, fresh, natural and organic products are being swept off the supermarket shelves. Consumers are becoming savvy enough to see through the marketing ploys as well and with the rise in nutritional value awareness, they know that a product high in sodium but being touted as rich in whole grains lacks credibility.

The demand for spices in world cuisine has sky rocketed with globalization, driving organic spice market. Consumer motivation to prefer organic spices involves psychological processes that determine how they recognize their needs and ways of solving these needs. As consumer behavior is one of the key factors that ultimately impact the environment and the future of the planet, organic products are gaining massive traction globally. Organic spices are being preferred for not only for their lower negative impact but because exotic spices are making a deeper infiltration in foods all over the world and their quality is becoming a rising concern. Aided by such concerns and a change in lifestyle and food habits, organic spice market revenue is anticipated to double by 2024.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About The Author

Rahul Sankrityayan is Master of Computer Applications by education. He analyzes the market research industry trends, growth, drivers and describes his understanding in his own way with an objective to make it easy for readers to grasp current insights.